Kwon Seong-dong to Lee Bok-hyun, who opposes the veto on the Commercial Act amendment: "An inappropriate attitude"

Kwon Seong-dong criticizes Lee Bok-hyun for "inappropriate response"
People Power Party to officially oppose Commercial Act amendment

Kwon Seong-dong, floor leader of the People Power Party, criticized Lee Bok-hyun, Governor of the Financial Supervisory Service (FSS), who said he would "stake his position to block" the exercise of the re-request right (veto power) on the amendment to the Commercial Act on the 13th, saying, "It is inappropriate and an incorrect attitude for the FSS governor, who is not even a member of the State Council, to react so strongly to a law that is not under his jurisdiction."

After the People Power Party's lawmakers' meeting held at the National Assembly in the afternoon, Kwon told reporters, "It is regrettable and an undesirable attitude that the habit of doing whatever he wants as a prosecutor seems to be coming out even now in the important position of the FSS governor. He must be pointed out without fail."

Yonhap News

On the same day, the National Assembly submitted the amendment to the Commercial Act, which the Democratic Party of Korea had announced it would push through, to the plenary session. The amendment expands the duty of directors from being faithful to the 'company' to the 'company and shareholders' and includes provisions mandating the introduction of electronic shareholders' meetings for listed companies. Meanwhile, the People Power Party has opposed the amendment, arguing that it could infringe on corporate management rights, and at the afternoon lawmakers' meeting, the party decided to cast opposing votes on the amendment as its official stance.

On the other hand, Governor Lee said in the morning after an open discussion held at the Korea Economic Association in Yeouido, Seoul, for building governance for corporate and shareholder coexistence, "I cannot accept any decision that resets discussions related to enhancing shareholder value. I oppose (Acting President Choi Sang-mok's exercise of veto power) even if it means staking my position."